FREE INFORMATION ON LAST WILL AND TESTAMENT


WHAT IS A LAST WILL AND TESTAMENT


 

The Benefits of a Last Will and Testament

 

Life is known for its many varied responsibilities. Unfortunately, some of these responsibilities entail thinking about things we generally would prefer not to ponder. Case in point, many will not like to think about drafting a last will and testament because it revolves around their gassing. No one likes to think about their death but it becomes necessary to do so when you have assets that will be in question when you expire. Rather than leave them in question and leave your family with a great deal of troubles, it would be much wiser to have a last will and testament that clearly defines what is to be done with your assets when you are gone.

 

Actually, there are several benefits to a last will and testament. Here are some of the more common ones:

First and foremost, the main benefit will be that you will be drawing up a legal and binding document. You will not just be making suggestions when you craft a will. So, whatever is presented in the will is legally binding in the eyes of the state and the courts.

Your assets will be clearly defined and presented. It is not likely that your relatives and loved ones will be intimately familiar with all your assets. After all, they are your assets and only you will know the full scope of them. However, in the will, the entirety of your estate and your assets will be clearly defined. No one will have to search around to try and figure out your assets and net worth. And even if they did, it is not likely they would be able to determine the entirety of your assets. How would they even know where to look to determine what is the totality of your assets. When you have a properly written will in place, such a problematic scenario is not likely to occur.

Legal squabbling and disputes over your estate and assets will not occur unless the will is contested. When you do not have a will that clearly defines "who gets what" there will likely be legal disputes arising. In terms of contesting the will, this is VERY difficult to do unless coercion and fraud was employed during the drafting of the will.

Not all aspects of a will revolve around assets. There are other critical benefits associated with devising a will. For example, those that pass away and have minor children can determine who will be the guardian of the child. Making such determinations in advance will give you the peace of mind to know your children will be cared for by the right person(s).

In a will, you can name an executor of your estate. The executor of your estate will handle the oversight of all your assets in the event of your passing. The prime function of the executor of the estate would be to ensure the will is properly executed. If you do not name an executor of the estate, the state will appoint someone that will antiseptically handle these tasks. You likely would not want that so naming an executor in a will is among its most beneficial aspects.

There will be a sense of timeliness of associated with devising a will. When there is an executor in place and the will clearly defined, the assets in the will can be distributed immediately. This coherency and clarity is a must because families will likely be upset in the aftermath of a loved one's passing. It would be incredibly stressful for a family to muddle through figuring who will receive what assets and, for that matter, what assets exist.

While it can be considered somewhat of a cliché, you will gain peace of mind when you have a will drawn up. There will be far little to worry about because everything has already been decided upon and written down and is legally binding in last will

One thing additional that needs to be mentioned here is the fact that you do need to draw up the will well in advance. Not being diligent with the drafting of a will can undermine the benefits you seek to gain from the will itself. As such, you need to devise the will long in advance to ensure it is effectively devised and changes may not be likely.

Seriously, there are scores of benefits with crafting a will. This is why all those with assets should have one.



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